Turaco Gold

Jessica Volich (ESG) and Brett Gossage (resource geologist) join as non-executive directors, each proposed 500,000 performance rights tied to a final investment decision and first gold. Bruce Mowat resigned after almost five years, to focus on his executive role at Resolute Mining.

director officer appointment

Deep drilling at Woulo Woulo hit 100m @ 1.06g/t from 495m, including 17m @ 2.96g/t, about 250m below earlier drilling and below the PFS pit. This suggests the 1.7Moz deposit could grow; further deep holes are being drilled.

drilling result

Warren King, an engineer with 20+ years building gold processing plants, joins as Project Development Director from 3 August 2026. He will help deliver the Afema definitive feasibility study, targeted for end of Q2 2027, and then construction.

director officer appointment

Afema pre-feasibility study shows a 10.3-year open pit producing about 200,000oz a year, with a maiden 1.91Moz Probable Ore Reserve. Development capital is US$410M; post-tax NPV(5%) is US$2.1B at US$3,500/oz gold. Resource stays 4.65Moz. This delivers the study due June 2026.

resource reserve update

Afema resource rises to 4.65Moz (115.3Mt @ 1.3g/t), up 590koz from 4.06Moz in October 2025, with a maiden 100koz Herman resource and bigger Asupiri (1.32Moz). Indicated ounces up 23%. A maiden Ore Reserve is expected in the PFS, due 2Q CY2026.

resource reserve update

Adiopan step-out drilling extends mineralisation about 1.5km along strike, with results such as 42m @ 2.76g/t and 25m @ 3.31g/t, plus new parallel shears. The company expects material, higher-grade resource growth in the 1Q CY2026 update.

drilling result

Afema resource rises to 4.06Moz (102.9Mt @ 1.2g/t), up more than 500koz from 3.55Moz five months earlier. Includes maiden Begnopan (260koz) and Toilesso (40koz) and Asupiri up to 1.02Moz. Next update due 1Q CY2026; PFS due 2Q CY2026.

resource reserve update

Five diamond holes at Adiopan confirm a significant new discovery, best 16m @ 5.03g/t and 25m @ 2.48g/t, following the August maiden holes. Asupiri infill also positive. An MRE update excluding Adiopan is due within weeks; PFS due 2Q CY2026.

drilling result

Begnopan drilling returned up to 8m @ 6.36g/t over about 3km of strike, and metallurgy showed 89% gold extraction. A maiden Begnopan resource is planned for the Q4 2025 update to the 3.55Moz total. Five rigs are now drilling.

drilling result

The Share Purchase Plan closed having raised the A$4M target through about 9.1M shares at 44c, after about A$10M of applications were received and scaled back. This completes the June raising; cash is over A$85M.

capital raising announcement

Scout drilling next to Woulo Woulo hit 4m @ 82.01g/t, including 1m @ 324.58g/t, an isolated hole with no drilling along strike. Baffia returned 14m @ 1.19g/t. A fourth rig is now drilling, and cash is over A$85M.

drilling result

Santa Fe Minerals announces agreements to buy Turaco's Eburnea project: Satama permit (100%) and Bouake North application (65%, rising to 80% on grant). Santa Fe is raising A$1.2M at 5c. Deal needs ASX and shareholder approval; Turaco's consideration is not in the text provided.

asset acquisition disposition

Turaco agrees to sell its Eburnea project to Santa Fe Minerals for 12M Santa Fe shares (about 11% post-raising, 12-month escrow) plus 4M performance rights tied to 0.5Moz and 1.0Moz resources. Completes the earlier Santa Fe announcement; needs approvals and a raising of at least A$1M.

asset acquisition disposition

Turaco raises about A$60M at 44c per share, a 9.3% discount, with bids well above the size sought. Pro forma cash is over A$83M, and a Share Purchase Plan of up to A$4M at the same price is planned. Funds go to drilling and feasibility work.

capital raising announcement

Afema resource rises over 40% to 3.55Moz (90.8Mt @ 1.2g/t) from 2.52Moz, including a maiden 820koz at Asupiri. A pre-feasibility study is to start, due H1 2026, and a further resource update is targeted by end of 2025.

resource reserve update

Metallurgical testing at Afema shows overall gold extraction of 84-90% at Jonction, Anuiri and Asupiri and 87-95% at Woulo Woulo, up from 76-85% previously reported at Jonction. Clears the way for Asupiri's maiden resource in the imminent update.

other

28 holes at Asupiri, next to Anuiri, returned e.g. 9m @ 4.49g/t and 21m @ 2.15g/t, consistent with historical drilling. A maiden Asupiri resource will join the Afema update, now expected early in the June 2025 quarter, a slip from the March target.

drilling result

Maiden drilling at the Baffia prospect, about 3km from Jonction, hit 32m @ 1.69g/t from 12m and 21m @ 1.79g/t from 104m, a new discovery. Only 13 of 23 holes are reported; an updated resource is targeted by end of March quarter.

drilling result

Turaco secured exclusivity and a 12-month option over a 366km2 permit application next to Afema, lifting project area above 1,600km2. Exclusivity costs US$75,000 in shares; full acquisition would cost 2.25M shares plus a 2% royalty.

asset acquisition disposition

Turaco agreed with partner Sodim to lift its Afema interest from 51% to 80% for US$14.2M, half cash and half shares (~36.3M). This accelerates the earlier path to 70%. Sodim's royalty option falls to 1.5% from 2.0%. Share issue needs approval by 14 January 2025.

farm in farm out agreement

First-pass drilling at Niamienlessa SW, a new discovery within about 10km of the Afema deposits, hit 12m @ 6.72g/t from 18m and 27m @ 1.30g/t. These are the first 10 of 16 holes, so the pending results are partly answered; more holes await.

drilling result

Ben Larkin, formerly CFO of Medallion Metals, becomes CFO and Company Secretary from 18 November, replacing Lionel Liew who resigned. Stuart Cruickshanks joins as Study Manager to start early development studies at Afema.

director officer appointment

Turaco raised A$35M at 31c per share (about 112.9M shares), a 13.9% discount to the last price. Pro forma cash is over A$48M, funding faster Afema drilling; an updated resource is targeted for Q1 2025. A second tranche needs shareholder approval.

capital raising announcement

Seven shallow holes at the Herman Mine, about 700m from Woulo Woulo, all hit gold, e.g. 15m @ 2.11g/t from 93m. Turaco calls this a new parallel mineralised trend, open to the north for 1km. Follow-up drilling is planned; no resource yet.

drilling result

New Woulo Woulo holes, not in the maiden resource, include 186m @ 1.65g/t from 263m (with 7m @ 14.43g/t) and 84m @ 1.73g/t from 280m. Turaco says this points to resource growth at higher grade. Exploration permit drilling has started.

drilling result

Turaco announced a maiden Afema resource of 2.52Moz gold: Woulo Woulo 1.25Moz, Jonction 660,000oz and Anuiri 600,000oz, 60% Indicated. It is called interim, with drilling ongoing. This delivers the resource target set when Afema was acquired.

resource reserve update

Three Afema exploration permits covering 812km2 were granted, taking the granted project area to 1,040km2. This resolves the pending permit applications. Drilling on them is planned from August 2024; maiden resource still expected in the September quarter.

regulatory community update

First Turaco drilling at Woulo Woulo returned 105m @ 1.61g/t gold from 135m, the best intersection there to date, with deeper holes suggesting mineralisation widens and improves at depth. Cash is stated as over A$20M. Two rigs continue.

drilling result

Many Peaks (the buyer) announced completion of its purchase of CDI Holdings, which holds the Predictive JV permits, issuing 5M shares to Turaco. It also assumes the 1.0% Resolute royalty, and Turaco keeps its share of Boundiali South sale proceeds. This completes the 26 March sale.

asset acquisition disposition

Placement of 112.5M shares at 16c raised A$18M, a 5.9% discount to the last trade of 17c. It was overbid more than two times, with proceeds to accelerate Afema drilling toward a maiden resource. It follows the A$6.6M raising at 9c in November 2023.

capital raising announcement

First Afema diamond results from Jonction and Anuiri include 67m @ 8.43g/t gold from 94m, with 1m @ 234.49g/t of visible gold. Turaco says width and grade exceed historical modelling. This supports the push for a maiden resource.

drilling result

Turaco completed the purchase of an initial 51% of the Afema Gold Project, issuing 46.5M shares (12-month escrow) and paying US$1.5M to Endeavour, which now holds ~7%. Two rigs are drilling, over 1,000m of diamond done; 12.34M performance rights vested.

farm in farm out completion

Turaco agreed to sell its 89% interest in the Predictive JV (Ferke, Odienne, Beriaboukro projects) to Many Peaks Minerals for 5M Many Peaks shares (~11% holding, 12-month escrow) plus any Boundiali South sale proceeds. Predictive's 10M performance rights are to be cancelled. Completes the northern portfolio rationalisation.

asset acquisition disposition

Binding term sheet to sell the non-core Boundiali permit (PR414) to Aurum Resources for A$0.8M cash or up to A$1.2M in Aurum shares, at Turaco's election. Conditional on permit renewal and approvals. Proceeds split 89/11 with Predictive; funds to go to Afema.

asset acquisition disposition

Fortuna Silver Mines gets an option over 80% of the five Tongon North permits, paying US$100,000 now and spending at least US$3.5M over 3 years. Turaco can keep 20% or sell it for US$1.5M. Part of narrowing focus to Afema and Eburnea.

farm in farm out agreement

The Minister approved Turaco's acquisition of the initial 51% of Afema and extended the mining convention, giving 3 years for a new feasibility study. This clears the main condition. Drilling is starting: 3,500m diamond contract signed and 10,000m RC contract imminent. Completion will issue 46.5M shares and pay US$1.5M.

regulatory community update

Placement of 73.3M shares at 9c raised A$6.6M, a 14% discount to the last trade, plus A$80,000 of director participation subject to approval. Funds the US$1.5M Afema payment and drilling. Resolves the funding need after the Afema deal; existing 11.15M performance rights were also exercised.

capital raising announcement

Turaco agreed to buy an initial 51% of the Afema Gold Project (227km2 mining permit) from Endeavour, rising to 70% after a feasibility study. It pays US$1.5M plus 46.5M shares (Endeavour ~9%). Subject to government approval. Woulo Woulo discovery drilled over 2.9km; Rob Seed appointed COO.

asset acquisition disposition

Turaco agreed to sell its disputed 35% stake in the Boundiali North permit (260km2) to drilling company Plusor, in return for 3,500m of free diamond drilling worth an estimated A$700,000-800,000. This ends a dispute inherited from the 2021 Resolute purchase.

asset acquisition disposition

Placement of 75 million shares at 5c to raise A$3.75M, managed by Blackwood Capital. It follows cash falling to about A$2.5M at March. The price is a 4% discount to the last trade. It also absorbs a 16.3M-share parcel from a fund being wound up. This resolves the low-cash thread.

capital raising announcement

Auger drilling west of the main Satama trend confirmed a second mineralised structure over 3km, with up to 13.6g/t gold, about 1km from the drilled zone. Resolves pending auger assays; aircore follow-up planned. Maiden Odienne auger drilling has begun.

drilling result

Twelve follow-up RC holes at Satama included 26m @ 4.82g/t from 35m, the best intersection there to date, in a parallel structure open to the south. Confirms high-grade shoots along the 2km drilled strike; western auger assays pending.

drilling result

Remaining Satama RC results are the best yet, e.g. 30m @ 1.92g/t from 94m and 5m @ 5.96g/t, confirming continuous gold over more than 2km, open in all directions. Management calls it the flagship project. Resolves the pending 20+ RC holes; IP survey also done.

drilling result

Turaco agreed to sell non-core permit PR840 (326km2, from the Resolute package) to Awale Resources for 972,450 Awale shares, about A$200,000. It will also let PR639 lapse, leaving over 7,600km2. Minor in value.

asset acquisition disposition

First reconnaissance drilling at Bouake North (Eburnea) returned 3m @ 35.79g/t gold from 40m plus several shallower hits, testing two of six auger anomalies. Resolves earlier pending assays; 61 more aircore holes await results. Cash about A$10M.

drilling result

Diamond drilling at Nyangboue (Boundiali, 89%) extended mineralisation, e.g. 4m @ 8.34g/t and 2m @ 13.57g/t, and aircore found a new 400m shallow zone. Resolves the pending Nyangboue assays; cash about A$10M at 31 May.

drilling result

Auger drilling at Natoga (Tongon North) returned up to 11.01g/t and 10.24g/t gold, defining at least four anomalies each over 1km long. An air core rig began a 10,000m program; cash about A$12M. Follows the March Natogo auger anomalies.

drilling result

Maiden RC and aircore drilling at Satama confirmed the October auger discovery, with gold over more than 3km of strike, e.g. 12m @ 3.80g/t and 20m @ 1.61g/t from surface. Mineralisation is open; program expanded, with geophysics planned.

drilling result

Auger drilling at Bouake North (Eburnea) returned up to 25.2g/t gold, with trends 1.3-1.6km long and open; soil anomalies merged into one 7km x 4km zone. RC drilling is due early January 2022. Resolves the pending Bouake North assays; Satama drilling ongoing.

drilling result

Raised A$10M via a placement of 83.3m shares at 12c, an 11.1% discount to the last price of 13.5c, to new and existing institutions. Directors may add 833,333 shares subject to approval. Cash pro forma over A$15M, versus A$5.4M at 12 November.

capital raising announcement

First 11 of 29 RC holes at Nyangboue (Boundiali, Turaco 89%) returned best 9m @ 2.62g/t and 17m @ 1.49g/t, with mineralisation open. Results are broadly consistent with the earlier historic drilling; 18 holes still pending, more drilling planned.

drilling result

Auger drilling at the 100%-owned Satama permit (Eburnea project) returned gold over 4.5km of strike, best 9m @ 4.49g/t from 1m and 1m @ 9.91g/t. Company calls it a new discovery; aircore and RC follow-up planned for November 2021.

drilling result

Acquisition of Resolute's 6,194km2 Côte d'Ivoire package and the Predictive joint venture restructure is complete, lifting holdings to 8,400km2. Resolute's Bruce Mowat replaces David Kelly on the board. Drilling has started at Satama and Boundiali.

asset acquisition disposition

Manas agrees to buy Resolute's Côte d'Ivoire exploration interests (6,194km2) for A$1.0M cash, with a Predictive joint venture restructure lifting its stake to 89% in Boundiali and Ferke. A$3.5M placement, 1-for-10 consolidation and rename to Turaco Gold planned; shareholder vote expected late July.

asset acquisition disposition

Manas shares suspended at the company's request pending an announcement on acquiring new mineral projects and a capital raising. Expected before trading on 24 May 2021.

other

RC assays from 21 holes (2,207m) at Mbengué returned narrow intercepts, best 12m @ 1.13g/t at Le Vieux. Manas has completed its US$2M earn-in to 70% of PR272 with Perseus. Modest results; more auger and soil work planned.

drilling result

Justin Tremain, who led Exore's Bagoe discovery (600,000oz resource) before Perseus took it over, becomes Managing Director from 1 December 2020. CEO Chris MacKenzie will step down after a transition. His team is investing $500,000 in a placement of 111M shares at 0.45 cents.

director officer appointment

Infill auger drilling (186 holes, 1,684m) expanded the two main Le Vieux-Phew zones to over 2km long and 300m wide, with a best result of 2m @ 5.7g/t gold. A 4,000m RC drilling programme was planned to start in November.

drilling result

Auger drilling across the full 4,400m Mbengué programme found seven mineralised zones over 600m long (longest >1.5km, up to 300m wide), best 6m @ 1.2g/t. Follows the April Le Vieux-Phew result; infill drilling started and RC drilling is planned after the rains.

drilling result

Soil sampling (1,489 sites) at the 100%-owned Diellé permit found gold-in-soil anomalies up to 16km long, peak 2.03g/t. This delivers the awaited Dielle results; IP surveys and auger drilling are planned before the late June/July rains.

drilling result

Manas applied for two contiguous 100%-owned permits, the Tortiya Gold Project (780km2), over a 40km shear zone with no recorded historical gold exploration. Company says this lifts its holdings by 75% to over 1,811km2. Not yet granted.

asset acquisition disposition

Auger drilling at Le Vieux-Phew (Mbengué, 132 holes, 791m) found two parallel mineralised zones each over 1.5km long, with best results 2m @ 23.6g/t gold. Only about 25% of the programme was finished before the COVID suspension; the other five IP targets await testing.

drilling result

Manas suspended all Côte d'Ivoire fieldwork indefinitely after a COVID-19 state of emergency on 23 March 2020. About 1,000m of a ~4,000m auger programme at Mbengué was done. Cash is A$7.95M; Dielle soil results are expected mid-April.

regulatory community update

Permit PR575 (Bouaké North, 385km2, 4-year initial term) was granted to partner Eburnea, with Manas holding an 80% interest. This resolves the long-pending permit thread. A 3,500m auger programme at Mbengué starts next week; results are expected by May 2020.

asset acquisition disposition

Manas's Ivorian subsidiary was granted a new 100%-owned licence, Dielle (347km2), next to the Mbengué permit, lifting the project area from about 300km2 to over 647km2. Initial term is 4 years. Soil sampling is to follow; an IP survey at Mbengué is under way.

asset acquisition disposition

Manas withdrew from the earn-in for up to 85% of the Gonsan Project (about 1,000km2, three permit applications). It cites lack of permit progress and difficult, costly terrain. This closes the long-pending Gonsan thread.

farm in farm out completion

Aircore drilling (100 holes, 4,965m) at Mbengué hit 18m at 1.0g/t, 12m at 1.0g/t and 8m at 1.16g/t gold. The Madala-Turaco corridor is now drilled over 3km of a 9km trend. Results are wide-spaced and early-stage.

drilling result

Soil sampling across Mbengué found gold-in-soil anomalies 2-12km long, with 13 of 4,783 samples above 1,000ppb and a peak of 5,560ppb. A 5,000m aircore drilling programme to test them is expected to start within a month.

drilling result

December 2018 quarter: cash about A$8.8M. Manas met the US$0.3M minimum spend and in January 2019 elected to proceed at Mbengué, having earned 20%; up to 70% needs US$2.0M total over 3 years. Gonsan and Eburnea permits still pending.

quarterly activities report

Manas's first Mbengué diamond drilling (13 holes, 1,312m) hit gold at all four prospects, including 9m at 5.05g/t and 21m at 2.11g/t at Turaco and 7m at 7.54g/t at Madala. Confirms the mid-November assay thread; further targets identified.

drilling result

Geologist Alan Campbell, former Papillon Resources managing director (Fekola discovery), becomes Chairman. Mark Calderwood steps down as chair, citing work commitments, but stays as a non-executive director.

director officer appointment

Manas began its first drilling at Mbengué: about 1,000m of diamond core, holes up to 120m, to validate Perseus's earlier K1 prospect results (such as 28m at 8.14g/t gold). Programme expected to take four weeks.

drilling spud

Chris MacKenzie, a geologist with 25 years' experience, was appointed CEO on A$250,000 fixed pay, with 40M options at $0.0075 to follow a probation period. Phil Reese, CEO for nine years, steps down and assists with handover.

director officer appointment

Manas withdrew from the Victoria Gold Project acquisition in Tanzania, citing no progress on licence transfers and operating challenges. It may recover the US$800,000 prepayment if the vendors resell within 12 months, and says amounts were already fully impaired. Resolves the open Victoria thread.

material agreement termination

Manas signed an earn-in to acquire up to 70% of Perseus Mining's Mbengué gold project in Côte d'Ivoire, a granted permit of about 398km2 near the Tongon mine. Earlier Perseus drilling hit 69m at 7.8g/t gold. Cash is about A$9.5M.

farm in farm out agreement

Manas signed earn-in agreements for up to 85% of Gonsan (about 1,000km2, around the Ity mine) and up to 80% of Bouaké Nord (about 300km2) in Côte d'Ivoire. All four permits are still applications; cash is about A$9.7M. New direction beyond Victoria.

farm in farm out agreement

Formal agreements signed for the Victoria Gold Project: US$1.8M cash (US$0.8M paid now) and US$2.0M of performance rights at A$0.002, the latter needing shareholder approval. About 38 licences over 250km2; cash around A$10M; exploration to start late April 2017.

material agreement

Revised binding terms for Victoria: cash falls to US$1.8M (US$0.8M on signing the formal agreement, US$1.0M on completion), with US$2.0M of performance rights at A$0.002 vesting on licence transfers. Licence area cut to about 280km2; Manas takes operational control, with a loan of up to US$0.5M.

material agreement

Kyrgyz sale to GGMRD completed 23 December 2016, with US$4.6M received (plus the US$0.5M deposit earlier); US$4.9M is due by early April 2017, with share security held. Savoyardy sold to NewGeo for a nominal sum, plus 50% of any onsale proceeds. Focus turns to Victoria.

asset acquisition disposition

Definitive sale agreement for the Kyrgyz assets signed 10 November 2016, on terms consistent with the earlier term sheet. Completion has slipped to just before Christmas, with a shareholder meeting planned around 12 December.

material agreement

Agreements signed to sell all Kyrgyz assets for US$10.5M: US$10.0M to Chinese state-owned GGMRD (US$500k deposit) and US$0.5M for Savoyardy. This resolves the funding-or-sale search for Shambesai in favour of sale; needs shareholder approval. Victoria becomes the sole focus.

asset acquisition disposition

Share purchase plan to raise up to $0.55M, offering existing Australian and NZ holders up to $15,000 each at $0.00275, a 14% discount, for 200M shares. Lets holders join in after the placement; funds go to the Victoria deposit, due diligence and working capital.

capital raising announcement

Binding agreement to buy the Victoria Gold Project, about 350km2 in Tanzania's Lake Victoria goldfield, for US$4.0M: US$200k deposit, US$1.8M cash, US$2.0M in shares at A$0.002. Funded by a $657,000 placement at $0.0018; subject to due diligence and approvals.

asset acquisition disposition

Philip Reese, chief operating officer since July 2011, is appointed part-time CEO at $15,000 a month. He gets a $75,000 bonus for a binding funding or sale deal for Shambesai. Terms are interim, filling the vacant MD role.

director officer appointment

Shambesai pre-production capital cut further to US$27M from US$41M; total capital US$38M (was US$48M). NPV rises to US$83M at US$1,100 gold (was US$68M). A smaller pit option cuts cash cost to US$314/oz from US$416.

resource reserve update

Plans a $821,000 raising at $0.001 per share: $134k placement of 134.3M shares, then a 2-for-3 rights offer for about $687k, underwritten by GMP at a 6% fee. Funds go to overheads; dual finance-or-sale strategy continues.

capital raising announcement

Pre-production capital cut to about US$30M from US$41M. A smaller pit at a US$1,100 gold price holds 246,400oz at 4.18g/t, down from 289,100oz. Underground pre-feasibility will start on 124,700oz at 5.9g/t. Financing talks have more momentum.

resource reserve update

Final technical approvals received, completing all Mining Licence obligations for Shambesai. The project is described as ready for construction subject to funding. A capital cost update is due in the December quarter, with construction taking 10 months from funding.

regulatory community update

Kyrgyz environmental regulator confirmed the Shambesai environmental approval (OVOS) conditions, including community consultation, are satisfied. This was the main environmental approval needed for production. Final design permits remain, and construction awaits funding.

regulatory community update

Rights offer drew applications for only 43.5M of 595.8M shares, leaving a 552.3M shortfall. The underwriter covers 256.5M shares ($1.8M); directors may place the other 295.8M within three months. Weak shareholder take-up.

capital raising announcement

$4.7M raising: 77M-share placement at 0.7c for about $0.54M, then a 1-for-1 rights issue of about 595.8M shares at 0.7c for $4.17M, partly underwritten ($2.1M) by GMP. Funds go to Shambesai pre-development; the price is under half the 1.5c rights issue in February.

capital raising announcement

Managing Director and CEO Stephen Ross, in the role since 2008, resigns immediately, earlier than his end-July contract termination. Chairman Mark Calderwood becomes part-time executive chairman on an interim basis.

director officer appointment

Rights issue completed: 73.6M shares issued at 1.5c (about $1.1M), taking shares to 515.3M. 137.8M options still expire 31 March 2015. Resolves the rights issue thread.

capital raising announcement

Shambesai study economics and reserves re-issued under JORC 2012: NPV US$103M (was US$105M) at US$1,300 gold, IRR 106%, C1 cost US$416/oz (was US$387), capex to first gold US$40.7M. Reserve 2.4Mt at 3.7g/t for 279koz, up slightly from 277koz.

resource reserve update

Prospectus for a 1-for-6 rights issue of about 73.6M shares at 1.5c to raise up to about $1.1M, fully underwritten by Baillie Asset Management. Priced well below the 3c September 2014 placement.

capital raising announcement

December 2014 quarter: financing talks have produced only non-binding, incomplete proposals, so the Board will now consider selling its entire Shambesai interest (subject to shareholder approval). Major shareholders back a rights issue of at least $1M. Technical spending is deferred over winter.

quarterly activities report

Private placement of up to 28.3M shares at 3c to raise $850,000, led by Halcyon Corporate. Funds go to working capital and Shambesai pre-development while financing talks continue. Priced below the 4c rights issue of late 2013.

capital raising announcement

Shambesai's Sanitary Protection Zone approved; it does not extend over village areas, which may reduce compensation claims. Only design-related permits remain, with final design submission due shortly. Financing talks continue with several institutions. Completes an open permit step.

regulatory community update

Shambesai's OVOS (Kyrgyz environmental and social impact approval) is approved, the main environmental approval needed for production. Sanitary zone and construction permits are expected by Q3 2014, with construction targeted this year; financing talks are 'advanced'. Resolves the open OVOS thread.

regulatory community update

Chairman Rob Scott resigns, citing a reduced workload, after serving since January 2013. Director Mark Calderwood becomes Chairman.

director officer appointment

Shortfall of 131.96M shares and options issued to Patersons and Halcyon clients, completing the just over $5.5M rights issue. Shares on issue rise to 413.3M, with 137.8M listed options.

capital raising announcement

Kyrgyz parliamentary committee recommended immediate development of Shambesai and ordered authorities, by decree, to let work proceed. This follows the 18 October site disruption. OVOS submission is expected shortly; financing talks continue; BFS schedule still being updated.

regulatory community update

Rights issue closed with shareholders taking up only 5.81M of about 137.8M new shares. The remaining 131.96M shortfall shares fall to Patersons and Halcyon. Directors and Lion are taking more shares through underwriting. Funds target Shambesai permitting and development.

capital raising announcement

Manas proposes a partially underwritten one-for-two rights issue at 4c to raise about $5.5M, with a free 8c option per share expiring March 2015. The issue price is well below the 8c share price in May. Funds go to Shambesai development.

capital raising announcement

Shambesai wins its key Land Permit, rezoning the site to industrial use and allowing early site works. Financing talks for the US$41.3M capital are advancing with banks in Europe and Asia; the feasibility schedule is being updated.

regulatory community update

Bankable feasibility study at US$1,400 gold: 227koz recovered over 4.5 years, after-tax NPV US$105M, IRR 67%, cash costs US$387/oz. Capital to first gold rises to US$41M from US$32.6M. Plant construction is now targeted for early 2014, later than the earlier first-half 2013.

other

Manas finalises a $5.1M placement of 51M shares at 10c, managed by Blackwood Capital: $3.4M first, $1.7M after a shareholder meeting. Funds go to the Shambesai environmental study, camp, roads and drilling. Cash is to exceed $9M; feasibility study due June quarter.

capital raising announcement

New Shambesai resource is 8.1Mt at 2.69g/t for 697,000oz, down from 766,000oz, with over 95% now Measured and Indicated. Reserve rises to 2.5Mt at 3.4g/t for 277,000oz from 245,000oz. Optimum Capital is engaged as debt intermediary.

resource reserve update

Central Asia Resources confirms the Altyntas joint venture with Manas ended by mutual agreement, and says it will in due course reimburse Manas's spending to date. This closes the October 2012 Kazakhstan option, which had allowed Manas to earn up to 70%.

material agreement termination

Robert Scott, a director of Sandfire and CGA Mining, joins as independent chairman, filling the vacancy left by Francis Harper's July 2012 exit. Mark Connelly, a mining executive, also joins as a non-executive director.

director officer appointment

Kyrgyz government issues the Mining and Development Licence for Shambesai, securing legal tenure for design and construction. This follows the TEO approval and resolves the licence thread. Debt financing talks are being accelerated, with gold production still targeted for 2014.

regulatory community update

Manas can earn up to 70% of Central Asia Resources' Altyntas gold project in Kazakhstan by spending A$2M. A$0.5M is committed now for 4,000m of drilling, with toll treatment at a nearby plant as the possible route to production. A move beyond Kyrgyzstan.

farm in farm out agreement

Kyrgyz authorities approve the Shambesai TEO study, the key step before a production licence, resolving the long-awaited open thread. Construction is targeted for the first half of 2013 and gold production for early 2014; debt financing options are now being considered.

regulatory community update

Chairman Francis Harper, on the board since 2008, resigns, citing family illness and a reduced workload. The board has begun a search for a new chairman.

director officer appointment

Definitive feasibility study confirms Shambesai: pre-tax NPV US$148M and US$208M net cash flow at US$1,500 gold. It has a Probable Reserve of 245koz, 53,000oz a year over 4.5 years, US$32.6M capital to first gold and a 10-month payback. Delivers on the long-awaited December-quarter study.

resource reserve update

Updated Shambesai pit study shows over US$190M cash flow (EBITDA at US$1,500 gold) over five years, averaging 40,000oz a year. Probable Reserve of 180koz oxide is booked, with cash costs of US$465/oz. Scoping study cash flows have almost doubled; feasibility still due December 2011.

resource reserve update

Underwriters BW Equities, Blackwood and Macquarie will take up unexercised 20c options, covering up to $10M, for an 8% fee. Perseus, the largest holder, will sub-underwrite to hold about 23.86%. Cash is to exceed $16M, funding feasibility and development.

capital raising announcement

Shambesai resource rises about 20% from 645koz to 766koz, with oxide up 40% to 460koz. This lifts total resources to 1.25M oz, with the Obdilla resource. Feasibility still due December quarter; new drilling to target more oxide.

resource reserve update

Final Shambesai round includes 21m at 9.71g/t gold, extending the bonanza shear zone 80m from the earlier 33.7m at 10.74g/t hole, outside the 645koz resource. Resource update due this month, feasibility in the December quarter; rigs now at Obdilla, Ulugtau, Tashbulak.

drilling result

Bonanza hole of 33.7m at 10.74g/t gold, including 7.8m at 28.64g/t, from sulphide in a shear zone outside the 645koz resource. Drilling extended to 12,300m at Shambesai; feasibility including a resource upgrade due late 2011. Company says underground potential is being evaluated.

drilling result

Technical and economic study (TEO) submitted to the Kyrgyz Ministry of Natural Resources. Once approved, the company can apply for a mining licence at Shambesai. A new resource model is due in the third quarter 2011.

regulatory community update

First 2011 results: 25m at 3.43g/t gold and 17.1m at 2.92g/t outside the resource, plus a Pum discovery hole of 8.9m at 2.89g/t, 3km away. Two non-core licences (Maly Naryn, Akbura) face revocation and are being appealed. Feasibility due third quarter.

drilling result

Raises $11.5M via 57.5M shares at 20c, above the 19c close, to fund Shambesai feasibility, development and exploration. Asian Lion and Lion Selection join as cornerstones; Macquarie and Perseus take part. Tranche 1 ($2.68M) settles soon; $8.82M tranche needs shareholder approval. Resolves the thin-cash concern.

capital raising announcement

Scoping study for Shambesai oxide: 180,000oz over six years at US$250/oz cash cost, initial capex US$16.3M, pre-tax NPV US$59M at US$1,000 gold. Full feasibility study and permitting started, Perseus to give technical support. Resolves the scoping study thread; a scoping-level estimate, not a reserve.

resource reserve update

Further Shambesai results include 41.5m at 2.06g/t and 23m at 2.40g/t gold in oxide outside the current resource, extending the zone about 50m south. Scoping study is expanded towards pre-feasibility to speed mining permit applications; results due November. Kyrgyz elections passed without incident.

drilling result

First 2010 Shambesai results include 6m at 11.73g/t gold and 28m at 1.24g/t, all outside the 645,000-ounce resource. Company says this points to further extensions; zones stay open. Scoping study results expected in the September quarter.

drilling result

Shambesai resource upgraded 65% to 645,000 ounces (7.29Mt at 2.8g/t), 58% Indicated, from the 390,000-ounce maiden estimate. Total resource is now 1.13M ounces. Includes 330,000 ounces of oxide; mining studies accelerated and drilling due June 2010. Resolves the planned update.

resource reserve update

First metallurgical tests on Shambesai oxide samples recovered over 95% of gold using standard carbon-in-leach processing. Sulphide ore needs pre-treatment. A scoping study has begun and the resource upgrade is now due in the June 2010 quarter.

other

Shambesai drilling found 35m at 2.24g/t gold outside the current resource on the northern side, plus 9m at 9.34g/t in the central zone. The company says this could widen the mineralised zone to over 300m and add to the 390,000-ounce resource.

drilling result

First Shambesai infill holes returned 21m at 8.75g/t and 31m at 4.26g/t gold, which the company says are significantly better than expected and likely to add to the 390,000-ounce resource. The first drill results due in August arrive, and they are strong.

drilling result

The $4M placement was completed after shareholders approved it on 8 July 2009: 40M shares at $0.10, taking shares on issue to 99.5M. Cash is $5.3M. Six rigs are running or arriving, with first results expected in August 2009.

capital raising announcement

Manas arranged a $6M raising at $0.10 per share: a $4.0M placement of 40.17M shares plus a one-for-three rights issue for about $2M. A free one-for-two $0.20 option is to follow. Funds go mainly to drilling to grow the 875,000-ounce resource.

capital raising announcement

Maiden Shambesai Inferred resource of 4.5Mt at 2.7g/t gold for 390,000 ounces, lifting Manas's total to 875,000 ounces (up 80%) with Obdilla's 485,000. Resolves the long-awaited estimate; 170,000 oz is near-surface oxide. Drilling starts by end of May.

resource reserve update

Partner Kentor Gold will proceed with Savoyardy pre-development work (about US$500,000) after a positive pre-feasibility study, targeting a late-2009 decision and 2010 start. Kentor also signed an option to acquire 100% of Savoyardy from Manas; price not in the text provided.

joint venture update

First holes at the new Ulugtau prospect, about 40km from Shambesai, returned 10.8m at 13.2g/t gold. Manas calls it its third potentially significant discovery.

drilling result

Manas listed on ASX on 22 July 2008 after an oversubscribed $6 million IPO. It holds 100% of nine Kyrgyz gold projects (except the Savoyardy JV with Kentor), with an Obdilla resource of about 485,000 ounces. Shambesai drilling is underway.

capital raising announcement

Perseus Mining completed the spin-out of its Kyrgyz gold assets into Manas Resources, which raised $6 million. Perseus keeps a 42% interest in Manas, and Manas shares start trading on ASX on 22 July 2008.

asset acquisition disposition